Complete news archive

  • Dispositions tick up

    Trepp's October loss analysis shows a continued up-tick in US CMBS loan dispositions. The average loss severity for loans with losses greater than 2% is 63.12% for October, an increase of 3.79 percentage points from September's tally. Average loan size also climbed to its highest level since January at US$15.5m.

    Several large office loans were liquidated last month, backed by .......

    News Round-up 1 November 2016

  • Deputy credit officer named

    Pemberton has bolstered its London team with the appointment of Nichole Gates as deputy chief credit officer. She joins as a partner, following a thirty-year stint in the global credit markets, and will work alongside chief credit officer Conrad Teppema to enhance the firm's credit underwriting and risk management divisions.

    Before Pemberton, Gates spent ten years at GE Capital International, .......

    Job Swaps 31 October 2016

  • Securitisation programme prepped

    Callidus Capital Corp is expected to close its new securitisation programme by 15 November. The transaction - comprising four investment grade debt tranches rated from triple-A to triple-B - will be sized at C$165m.

    The securitisation will allow the company to leverage its current loan portfolio by C$25m. Callidus will utilise the facility for growth purposes, given its commitment to .......

    News Round-up 31 October 2016

  • Loan repurchase planned

    Banca Popolare di Vicenza (BPVi) and Banca Nuova (BN) are set to repurchase on 1 November all the loans in Berica 6 Residential MBS that are classified as defaulted, as of 30 September 2016. The issuer will distribute the proceeds of the sale according to the transaction waterfall on the January 2017 IPD.

    The amounts remaining after payment of the .......

    News Round-up 31 October 2016

  • MOHE discrepancy highlighted

    Fitch has placed the Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds 2010 Series on rating watch negative, due to data inconsistencies in the servicer reports. The June 2015 servicer report showed a cumulative gross default value of US$1.96m and net defaults of US$1.37m, while the September 2015 report showed gross defaults of US$1.37m and net defaults .......

    News Round-up 31 October 2016

  • Default rate dips

    Fitch's cumulative loan default rate for fixed-rate US CMBS fell slightly to 12.7% as of 3Q16, slightly lower than the 12.9% rate at end-2Q16 and 13.2% one year ago. The decline is due to steady issuance levels, combined with overall low term default rates, according to the agency.

    In 3Q16, 39 loans totalling US$387m newly defaulted during their loan term, .......

    News Round-up 31 October 2016

  • Higher margins for Euro CMBS

    European CMBS will remain a non-prime financing tool, according to Moody's. The agency believes that to guarantee excess spread in new deals, loans with higher margins will have to be originated, resulting from riskier features.

    Such features could include weaker property quality, non-standard property type or non-core jurisdictions. Moody's suggests that direct lending and syndication are currently more attractive than CMBS .......

    News Round-up 31 October 2016

  • Leek redemption due

    UK non-conforming RMBS Leek Finance Number 18 is set to be redeemed on 21 December, five years after the original step-up and call date. Currently £617m of bonds remain outstanding from the transaction, which JPMorgan European securitisation analysts estimate equates to nearly 2% of the distributed UK NCF opportunities held by investors.

    The move follows the full redemption of Leek .......

    News Round-up 31 October 2016

  • SCI Start the Week - 31 October

    A look at the major activity in structured finance over the past seven days.

    Pipeline
    As with the preceding week, last week's additions to the pipeline were relatively modest. The final count consisted of three ABS, an ILS, two RMBS and two CMBS.

    US$800m Blackbird Capital Aircraft Lease Securitization 2016-1, US$115.3m Golden Bear Funding Notes Series 2016-2 and US$184.477m GoodGreen 2016-1 were the ABS, while Residential Reinsurance Series 2016-II was the ILS. The .......

    News 31 October 2016

  • Flurry of CLOs continues

    US CLO issuance rose last quarter, along with refinancing activity on existing CLOs, according to Fitch's latest Global CLO Market Trends Quarterly. The agency reports that 36 US CLOs totalling over US$18bn came to market in 3Q16, higher than the US$16.5bn (39 CLOs) figure seen in 2Q16.

    In fact, September claimed the highest volume of issuance, with 15 CLOs totalling .......

    News Round-up 28 October 2016

  • Deleveraging programme completed

    Permanent TSB has finalised the sale of £2.29bn worth of loans by its UK subsidiary, Landsdowne 199, to Cerberus Capital Management. The gross proceeds from the sale of the assets - which represent RWAs of £855m - is approximately £1.95bn.

    The loan assets constitute the total balance sheet of the residual book of the group's former UK subsidiary, Capital Home .......

    News Round-up 28 October 2016

  • CMBS market craving liquidity

    Investors believe CMBS offers the best relative value compared to other asset classes, according to a recent Deutsche Bank survey. It also finds that CMBS investors' main concern is lack of secondary market liquidity, which could be having a knock-on effect on investment, particularly in long-duration CMBS paper.

    In terms of whether investors would look to increase or decrease their .......

    News 28 October 2016

  • Indian supply nears high

    Indian securitisation volume has jumped to R45,000 crore in the first six months of the current fiscal year, rising from R17,000 crore in the first quarter. CRISIL Ratings consequently expects issuance to edge close to an all-time high of R1trn by year-end.

    Krishnan Sitaraman, senior director at CRISIL, cites the sharper focus of both public and private sector banks on .......

    News Round-up 28 October 2016

  • Debut aircraft ABS prepped

    The first securitisation of aircraft managed by Air Lease Corporation (ALC) has been assigned preliminary ratings by Kroll Bond Rating Agency. The US$800m Blackbird Capital Aircraft Lease Securitization 2016-1 deal is Blackbird Capital I's first term securitisation.

    The deal is split into three tranches, sized at US$200m, US$540m and US$60m. These have been preliminarily rated at double-A, single-A and triple-B.

    News Round-up 28 October 2016

  • Gas-alternative recoveries analysed

    Continued low gas prices have reduced Americans' appetite for hybrid-electric and all-electric vehicles. As a result, the share of gas-alternative vehicles in the collateral pools backing auto lease ABS has declined, according to Moody's.

    The agency reports that these trends are pushing recovery values, as well as residual value down for gas-alternative vehicles. "We expect these trends to continue because .......

    News Round-up 28 October 2016

  • US CLOs partly pause

    Aside from a busy equity space, the US CLO secondary market is taking something of a pause.

    "Last week and this secondary overall has been bit quieter," says one trader. "People are generally happy to take a breather after the previous few weeks being so busy."

    The trader adds: "CLO market focus continues to be on primary issuance on both .......

    SCIWire 27 October 2016

  • Above par pricing anticipated

    Achmea Bank is in the market with its second swapless RMBS. The €690.5m Dutch Residential Mortgage Portfolio II is also expected to be priced above par.

    Rabobank credit analysts note that interest rate risk is mitigated by several features, including a Euribor cap agreement for the first ten years, subject to amortisation following a 5% CPR. Subordination to the senior .......

    News Round-up 27 October 2016

  • Borrower advocate role recognised

    Morningstar Credit Ratings has awarded a MOR CV2 ranking to 1st Service Solutions for its extensive advocacy for CMBS borrowers. The firm, which pioneered the industry for borrower advocates in CMBS loan restructurings and assumptions, is the first to earn such a distinction.

    Founder and ceo of 1st Service Solutions Ann Hambly responded to the news by stating that "we .......

    News Round-up 27 October 2016

  • FICC beefs up

    Jim Hraska has been named md and general manager of DTCC's Fixed Income Clearing Corporation (FICC). He will be responsible for activities including expanding buy-side participation in FICC clearing services and implementing the MBS novation initiative, a multi-year project to simplify the MBS netting and settlement process.

    Hraska joins DTCC from Barclays, where he most recently served as global director .......

    Job Swaps 27 October 2016

  • Spanish special servicers 'key'

    Loss severities on Spanish mortgage foreclosures have increased again this year, says Fitch, despite the continued price recovery in the broader residential property market. The rating agency believes the growing role of specialist mortgage loan servicers could be an important driver of future developments in the distressed market and may already be reflected in fewer foreclosures.

    Sales price discounts on .......

    News Round-up 27 October 2016

  • Calypso cat bonds upgraded

    S&P has upgraded the Calypso Capital II class A and class B notes, following the advent of their final risk period and consequent lack of further resets. The ratings for the class A and B notes have been raised from double-B minus to double-B and from single-B plus to double-B minus respectively.

    The AXA sponsored notes from October 2013 no .......

    News Round-up 27 October 2016
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